Results of a new study show that Intellectual Property is boosting the European Economy.
Today, the European Patent Office (EPO) and the EU Intellectual Property Office (EUIPO) released the results of their second study which explores the contribution of intellectual property rights (IPRs) to the EU economy. The purpose of the study was to provide an improved assessment of the situation in terms of GDP, employment, and trade with the intention of supporting policy making and increasing understanding amongst EU Citizens on the importance of intellectual property (IP).
As expected, the results have confirmed the vast economic benefits of trade marks, copyright, patents and other rights by finding that over 42% of all EU economic activity- a total of €5.7 trillion – is directly attributable to IP-intensive industries. Furthermore, the study shows that out of 82 million jobs, approximately 38% of them stem from sectors that have a higher than average use of IP rights, and that these employees enjoy a 46% wage premium across the board.
The result of these studies show not only the EU’s reliance on business and jobs generated by these sectors, but that the companies involved have displayed resilience in the face of a global economic crisis. Whilst the figures are encouraging, it is important to inspire ongoing growth- a sentiment echoed by EPO President Benoit Battistelli who said: “Intangible assets are increasingly important for innovative companies today, especially SME’s. To remain competitive in the global economy, Europe needs to encourage even further, the development and use of new technology and innovations.”
One of the challenges facing the EU now is ensuring that IP rights are accessible to businesses of all sizes and that they are protected effectively against infringements to help the EU further leverage jobs and growth. A staggering 90% of all EU trade with the rest of the world is attributable to IP-intensive industries and the study found that the EU is particularly strong in the areas of Green Technologies and Design, which are expected to be key areas of EU focus in the coming years.